Chinese businessmen to invest $300m in textile sector: PRGMEA

ISLAMABAD: Chinese businessmen have deliberate to invest over $300 million in Pakistan’s textile sector thru joint ventures with native firms for promotion of bilateral industry between the 2 nations.

In this connection, a Memorandum of Understanding (MoUs) has already been signed between the Chinese and native companies for boosting the mutual cooperation and funding in sectors like material, equipment and uploading trendy equipment from Beijing for modernization and worth addition in textile sector, the Chairman Pakistan Readymade Garments Manufacturers and Exports Association (PRGMEA) and chief of All Pakistan Textile Mills Associations (APTMA), Ijaz A. Khokar stated on Tuesday.

He added that the Chinese companies have massive alternative in distribution and three way partnership with native attainable industries and people for expanding industry and funding cooperation between industry communities of all sides.

The APTMA chief said that the mega challenge of China Pakistan Economic Corridor would building up the industrial and funding alternatives for the promotion of regional industry.

Khokhar believed that the CPEC would give a boost to the regional and international connectivity for connecting the native marketplace and the evolved economies.

He stated that native industries are absolutely ready for greedy the industry and industry alternatives after the crowning glory of CPEC.

Replying to query, he added that textile sector is spine of nation’s financial system and stocks 60 % contribution to overall export of the rustic.